Gartman: I Was Wrong Exiting Stocks

Investor Dennis Gartman tells "Fast Money" that even though the stock market has gained three percent since he went to all cash in late February, he's not ready to jump back in now.

Although the stock market rallied 3 percent since Dennis Gartman announced he had exiting equities, the editor of The Gartman Letter said Monday on CNBC that he's sitting out.

"I loved stocks at one time, and I'm going to stay upon the sidelines," he said. "There's no reason, having been wrong – and let's not mince words, I was wrong getting out – I've been wrong for 3 percent."

Gartman: I've Turned Bullish on Apple

Investor Dennis Gartman tells "Fast Money" that for the "first time in a long time," he bought a sizable number of Apple shares today.

On "Fast Money" Feb. 21, Gartman said that he "changed his opinion on stocks" and was "a little bit net short," as he called for a 7 percent correction in the market.

"I have more interest going on in what's happening in the currency market, far more interest to me what's going on in the grain market. Far more interest what's going in gold vs. yen," he said. "If I miss the stock market by 3 percent, it could go up again without me."

Gartman also admitted that "for the first time in a long time," he bought shares of Apple.

Apple stock, which had skidded to a low of $419 per share last week, popped on speculation of a buyback and a dividend increase.

But Gartman wasn't completely an Apple bull.

"I bought some, but I went ahead and hedged S&P futures on it," he said.

Gartman added that he wouldn't try to call the top in the stock market.

"I've been at this far too long to try to do that sort of thing," he said. "The gods don't like it when you think you're smart enough to have called the top in something and go the other way."

While acknowledging that stocks could still climb another 3 or 4 percent, Gartman revealed what might get him to reconsider."When you have a nice 8 percent, 7 percent, 6 percent correction, I'll probably come back and buy stocks," he said.